Overpaid and overvalued professional football players continue to be the bane of quoted clubs' profit and loss accounts. Although turnover at Birmingham City rose 9.4% to £8.34m in the year to the end of August, after spending £5.2m net on players the club reported a £4m loss. Last time £209,000 was made from transfer dealings, pushing the Blues to a profit of £945,000. 2.53p of earning per share became 7.23p of losses. Encouragingly, commercial revenues rose £300,000 to £3.1m. Match receipts were £4.98m. The club therefore made a £1.2m operating profit, up 63%, before transfer fees. Not surprisingly, the club wants to expand its activities in order to make earnings steadier. Chairman David Sullivan, the Sports Newspapers baron, wants to set up a financial services arm. This will be done via a joint venture with a leading, but as yet unannounced, finance provider. Promotion to the Premiership is what will really give the business a boost.